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let's tax the wealthy. well, what is wealthy? sunday that as 10 million in the bank, had a good year. there is not a clear picture of what the definition of that is. melissa: even if they are in danger, but this does not hurt the warren buffett's of the world and that they don't mind it, but a whole bunch of people who have saved for retirement under trying to live off those investments and dividends. it's going to hurt them instead. i don't lose sleep over that. but we do worry about the much smaller investor, maybe he doesn't impact the market where you think. they share care about this. >> that is entirely reasonable position to take, but it is also a little bit, let's say condescending to think that those people don't know what is best for them. melissa: i didn't say they don't know what's best for them. the amount they have available to investors less. they don't have a lot of extra dollars. >> i wasn't trying to indicate that you were saying that. those people tend to be reacting to the news that obama was reelected in a wa
let's tax the wealthy. well, what is wealthy? sunday that as 10 million in the bank, had a good year. there is not a clear picture of what the definition of that is. melissa: even if they are in danger, but this does not hurt the warren buffett's of the world and that they don't mind it, but a whole bunch of people who have saved for retirement under trying to live off those investments and dividends. it's going to hurt them instead. i don't lose sleep over that. but we do worry about the much...
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Nov 26, 2012
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what's the one tax rate going up january 1st that no one's talking about? the payroll tax. remember that? it was cut from 12 to 10%. i gather the republicans have no problem -- i don't know -- but letting working class and middle class americans have a 2% tax increase. that's not currently the republican position that the payroll tax cut should be extended. they're happy to let it go because god forbid they cut entitlements for wealthy seniors. we have a collusion among the elites of both parties. the one tax that goes up january 1, if there's a deal s payroll tax, which i think is wrong. republicans have a opportunity to be champions of the working class. >> kirsten, some democrats are saying let's go over the cliff. everybody's tax rates are going to go up and then the president in january can go to congress and say now it's 39.6% and whatever it is for middle class and i'll present a plan that will cut the tax rates of 98% of people, are you prepared now, when the rate is already up, to oppose that? >> the problem with that plan is it's dangerous because we don't know ho
what's the one tax rate going up january 1st that no one's talking about? the payroll tax. remember that? it was cut from 12 to 10%. i gather the republicans have no problem -- i don't know -- but letting working class and middle class americans have a 2% tax increase. that's not currently the republican position that the payroll tax cut should be extended. they're happy to let it go because god forbid they cut entitlements for wealthy seniors. we have a collusion among the elites of both...
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expiration of the tax cut around for years can be called a tax increase. the nonpartisan budget office would bring in $1 trillion in ten years. on tap, 1.2 trillion in spending cuts for ten years. $100 billion in first year. half to defense programs. half to nondefense. cbo says going off the cliff would lead to a recession next year. we have fox team coverage tonight. ed henry is trying to read tea leaves on a day of mixed signals from all sides but we begin with mike emanuel on the possibility that g.o.p. lawmakers may put their oath of office above a promise to antitax increase organizer. good evening. >> good evening. the republican sources say they are offering a balanced approach of significant spending cuts and some revenue without boosting tax rates. >> we have been responsible as we remain firm on this point. no tax increases now for promised spending cuts that won't materialize later. the american people have seen that game before. they won't be fooled again. >> the top republican on the senate budget chel explained the g.o.p. plan to bring in mo
expiration of the tax cut around for years can be called a tax increase. the nonpartisan budget office would bring in $1 trillion in ten years. on tap, 1.2 trillion in spending cuts for ten years. $100 billion in first year. half to defense programs. half to nondefense. cbo says going off the cliff would lead to a recession next year. we have fox team coverage tonight. ed henry is trying to read tea leaves on a day of mixed signals from all sides but we begin with mike emanuel on the...
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between the expiration of the bush tax cuts and higher taxes, for obamacare, the top capital gains rate will jump from 15% to 23.8, and listen to this: the top rate on dividends will jump from 15% to 43.4. how are, mr. sweeney, investors reacting to those possible, very stiff tax hikes? >> well, to that point, you want some clarity and whether the clarity comes in your personal economy at home, whether, you are a ceo or cfo of a corporation you want clarity how to spend the cash you have accumulated on your balance sheet or, if you are the government you want to figure out how to impact the spending you have at the federal level as well. americans are looking for clarity, so they can make the decisions, and, in terms of purchasing short-term christmas gifts for the next selling season or whether, again, if you are a ceo and trying to think of investing in a plant or hiring new people -- >> if i may, sir, specifically, if you have a stock and you see your capital gains, if you sell the stock, could go from 15% to 24%, at the -- on january 1st, are some people cashing out now? >> well, wh
between the expiration of the bush tax cuts and higher taxes, for obamacare, the top capital gains rate will jump from 15% to 23.8, and listen to this: the top rate on dividends will jump from 15% to 43.4. how are, mr. sweeney, investors reacting to those possible, very stiff tax hikes? >> well, to that point, you want some clarity and whether the clarity comes in your personal economy at home, whether, you are a ceo or cfo of a corporation you want clarity how to spend the cash you have...
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taxes rise. martha: even the white house is warning that the uncertainty of a potential tax hike could hurt american retailers during this deholiday shopping season. white house economists saying quote, as we approach the holiday season which accounts for 1/5 of industry sales, retailers can not afford the threat of tax increases on middle class families. bill: as we learn more about what each side is kill willing to concede in this argument president obama meets with leaders later in the week. this morning we'll meet with house majority leader eric cantor live in "america's newsroom.". next hour we talk to him where these negotiations are. how much each side is willing to give up and what they want in return. ultimately will they get a deal? eric cantor coming up next hour. martha: it is all in the language and semantics of these discussions. as u.s. lawmakers continue all this wrangling over some kind of budget deal we work towards here at home, european lawmakers are meeting today on their fin
taxes rise. martha: even the white house is warning that the uncertainty of a potential tax hike could hurt american retailers during this deholiday shopping season. white house economists saying quote, as we approach the holiday season which accounts for 1/5 of industry sales, retailers can not afford the threat of tax increases on middle class families. bill: as we learn more about what each side is kill willing to concede in this argument president obama meets with leaders later in the week....
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. >> they have to go up either real tax rates or effective tax rates. second we have to close significant loopholes. jon: bret baier is the anchor of special report. maybe we can get an explanation from you. the republicans are talking about raising revenue but not raising tax rates. how do they do that? >> reporter: basically they close tax loopholes, they put a cap on deductions. in other words for high income earners let's say the cap was $50,000 you would take in deductions, they don't specify what specific deductions it would be but that is the cap of tax deductions you could take and there by after that point you don't get any more deductions, so the amount of taxes you pay goes up. now this is not new, jon, this is what really mitt romney and paul ryan were running on, as they talked about it they got hammered again and again for not being specific on what tax deductions and loopholes were going to close. but this was the line for the republican standard bearer, the candidate. so when you hear these senators and congressmen talking about that and
. >> they have to go up either real tax rates or effective tax rates. second we have to close significant loopholes. jon: bret baier is the anchor of special report. maybe we can get an explanation from you. the republicans are talking about raising revenue but not raising tax rates. how do they do that? >> reporter: basically they close tax loopholes, they put a cap on deductions. in other words for high income earners let's say the cap was $50,000 you would take in deductions,...
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take the alternative minimum tax. if the inflation index isn't advanced for that and i believe republicans and democrats want to do it, 23 million middle class americans will have a 2,000 to 3,000 dollars tax increase on that alone. >> let me interrupt you for a second. i was making this point a little earlier when you start talking about these financial things, you know, the i don't want so say minutia but the more specifics of the negotiations and what the numbers mean and the two different sides will tell you that the numbers are different, it is kind of hard for the average person on who doesn't have an mba to figure out what's going on here. >>> john mccain is suggesting the republican party should focus on bigger issues and leave abortion alone. during an interview yesterday the senator said while he is proud of his pro-life position, there are bigger things to worry about like the economy and national security. police are admitting they missed a potentially key piece of evidence in the casey anthony murder inve
take the alternative minimum tax. if the inflation index isn't advanced for that and i believe republicans and democrats want to do it, 23 million middle class americans will have a 2,000 to 3,000 dollars tax increase on that alone. >> let me interrupt you for a second. i was making this point a little earlier when you start talking about these financial things, you know, the i don't want so say minutia but the more specifics of the negotiations and what the numbers mean and the two...
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taxes ride. rule every american is expected to feel the pinch. we'll break down the numbers on the latest proposals and see who maintains what depending on what kind of deal is reached. and are you not one of the so-called rich. no one company or governing body runs the it net. that helped the worldwide interest neat to grow in the way it has to spur democratic movement. a u.n. summit next week could put a little known united nations agency in charge worldwide web. and countries like china, russia, and iran are actively lobbying for new global rules that can allow them to, for example eavesdrop at will or sensor content. rick gold stein is the director of the project. it's no surprise china and iran and russia would love to control the internet. about it's a surprise they are going to have some conference with the u.n. in dubai next week. we are attending and this is going to be the topic? >> looking at the history of the united nations and how it triumphed on free speech. i'm not surprised. we h
taxes ride. rule every american is expected to feel the pinch. we'll break down the numbers on the latest proposals and see who maintains what depending on what kind of deal is reached. and are you not one of the so-called rich. no one company or governing body runs the it net. that helped the worldwide interest neat to grow in the way it has to spur democratic movement. a u.n. summit next week could put a little known united nations agency in charge worldwide web. and countries like china,...
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Nov 26, 2012
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let's have income tax, 15%, gift taxes, 15%, let's make sure that warren buffett finally starts paying at least as much as his secretary, in the percentage, and, what has been proposed, here, by the president, will not have warren buffett paying the same as his secretary, in percentage. let's have a flat tax, lou. let's take the president at his word. if you make more you will pay more and this is the only way that that is going to happen. >> lou: you know i believe the speaker boehner, perhaps the president himself may have been talking to you, talking to steve forbes and others who talked about the possibility of reforming the entire tax code. that could -- >> this is a great time. you know, the kind of time... and, not only that, let's don't forget the last time that the senate had a budget, it was when harry reid worked with his friend, speaker pelosi and nobody in the 2008 budget complained that it wasn't spending enough money. let's go back to 2008. $2.5 trillion, and cuts off a trillion in spending, right there. >> lou: there are all sorts of ways to get there, as you suggest he
let's have income tax, 15%, gift taxes, 15%, let's make sure that warren buffett finally starts paying at least as much as his secretary, in the percentage, and, what has been proposed, here, by the president, will not have warren buffett paying the same as his secretary, in percentage. let's have a flat tax, lou. let's take the president at his word. if you make more you will pay more and this is the only way that that is going to happen. >> lou: you know i believe the speaker boehner,...
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there will be lots of tax provisions, including the payroll tax cut, to consider. >> alan krueger, the chairman of the council of economic advisers at the white house, alan, thanks very much for joining us. >> thanks very figure me, wolf. >>> secret confidential information revealed in the confetti at this year evenings macy's's thanksgiving day parade. find out what spectators discovered just ahead. stay with us. you're in "the situation room." . meet the five-passenger ford c-max hybrid. c-max says ha. c-max says wheeee. which is what you get, don't you see? cause c-max has lots more horsepower than prius v, a hybrid that c-max also bests in mpg. say hi to the all-new 47 combined mpg c-max hybrid. until i show them this. the oral-b pro-health clinical brush. its pro-flex sides adjust to teeth and gums for a better clean. the pro-health clinical brush from oral-b. wanted to provide better employee benefits while balancing the company's bottom line, their very first word was... [ to the tune of "lullaby and good night" ] ♪ af-lac ♪ aflac [ male announcer ] find out more at... [ duc
there will be lots of tax provisions, including the payroll tax cut, to consider. >> alan krueger, the chairman of the council of economic advisers at the white house, alan, thanks very much for joining us. >> thanks very figure me, wolf. >>> secret confidential information revealed in the confetti at this year evenings macy's's thanksgiving day parade. find out what spectators discovered just ahead. stay with us. you're in "the situation room." . meet the...
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the use of tax havens to avoid paying taxes in this country is an outrage. we can end it. there's tens of billions of dollars a year involved in closing those kinds of offshore loopholes. >> i'm going to leave it there. senator levin, thank you for being here. hope you had a good holiday. >>> i want to turn to the republican side. peter king of new york. congressman, hope you had a good holiday. good to see you this morning. >> i had a great holiday, especially because notre dame beat southern cal. >> my poor step dad. he is not so happy this morning. >> i don't care about him. >> let me continue on the issue of taxes because this is important. and as i say, it's going to be the defining issue. you hear republican saxby chambliss say it's not going to govern what i do. norquist saying he promised the people of georgia that he would reform the government rather than raise taxes. where do you stand on the pledge? can this be overcome? with revenues be raised? >> first of all, i agree with chambliss. a pledge you signed 20 years ago, 18 years ago, is for that congress. for in
the use of tax havens to avoid paying taxes in this country is an outrage. we can end it. there's tens of billions of dollars a year involved in closing those kinds of offshore loopholes. >> i'm going to leave it there. senator levin, thank you for being here. hope you had a good holiday. >>> i want to turn to the republican side. peter king of new york. congressman, hope you had a good holiday. good to see you this morning. >> i had a great holiday, especially because...
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grover norquist's tax pledge could be history. and all eyes are now focusing on house republicans as talks to avoid going over that so-called fiscal cliff are picking up steam. joining me now, mark halperin, senior political analyst for "time" and msnbc and ruth marcus, columnist and editorial writer for the "washington post." to you, mark, what is your read about what we've been hearing the last couple of days about grover norquist, the pledge and how much running room the speaker does have to b negotiating a deal. >> i did a spit take with my fruity pebbles watching "morning joe" because eric cantor's tone was unlike anything i've ever heard. his office is saying oh, no, he's against raising marginal rates, but it's clear that in the scheme of things, the biggest piece is does john boehner have enough running room to strike a deal involving some new revenue. i still am of the belief that the vote in the house, which will be a cliff hanger no matter what happens amongst the leaders in the white house, it will be a tough vote. i t
grover norquist's tax pledge could be history. and all eyes are now focusing on house republicans as talks to avoid going over that so-called fiscal cliff are picking up steam. joining me now, mark halperin, senior political analyst for "time" and msnbc and ruth marcus, columnist and editorial writer for the "washington post." to you, mark, what is your read about what we've been hearing the last couple of days about grover norquist, the pledge and how much running room the...
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it is all tax money. it is not suspicious. the textbook folks are getting a little closer to the classroom there. a little more suspicious. that part of the sector is dominated by for-profit players, whether the old line textbook providers are those transitioning into the new digital age and thinking more a online adapted products. it is much lower heat from the conversation. the closer you get to the classroom, how about school operators that contract with the local school district? a for-profit company running one are two schools or a network of schools and having a goal at the end of the year to have money left over to reinvest in the business to make a better and to return over some time to return to shareholders. even at harvard business school, a very small percentage of this was ok. it seemed the paradigm was what kind of activities to be the same the public sector has a legitimate right to provide. therefore it seems an encroachment from the private sector trying to somehow capture rents that are somehow more appropria
it is all tax money. it is not suspicious. the textbook folks are getting a little closer to the classroom there. a little more suspicious. that part of the sector is dominated by for-profit players, whether the old line textbook providers are those transitioning into the new digital age and thinking more a online adapted products. it is much lower heat from the conversation. the closer you get to the classroom, how about school operators that contract with the local school district? a...
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and regulation the first forty million of excise taxes under this under the amendment will actually go to a public school systems fund so people need to think about things like this as well whereas a lot of this money right now or all of this money is essentially going to drug gangs and cartels sixty thousand people were killed in mexico in the last six years based on drug violence this money is not going to their coffers any more it's going to be going to potentially public schools so i think that's a great thing we'll see what the feds decide to do on this eric holder has been in the past very critical of similar amendments and initiatives so we'll see if they come in crackdown but the people of colorado spoken and it will be interesting to see if if we implement if we can implement it without a hitch. i don't think we have much time to get into this but i we did get to touch on it it's interesting that the banks apparently don't know what to do if they're allowed to allow marijuana growers or businesses to bank with them because they could be violating federal regulations about m
and regulation the first forty million of excise taxes under this under the amendment will actually go to a public school systems fund so people need to think about things like this as well whereas a lot of this money right now or all of this money is essentially going to drug gangs and cartels sixty thousand people were killed in mexico in the last six years based on drug violence this money is not going to their coffers any more it's going to be going to potentially public schools so i think...
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minimum tax. is there a reason or desire in the white house to have a more permanent pass on that? >> one of the problems that we face with our tax policy is lack of certainty. the alternative minimum tax in particular has extra inflation that causes an ad hoc adjustments every year and creates uncertainty. i do not want to go beyond that. that is not something that we listed in the report. >> i would like to bring in today, cyber-monday, and black friday into the equation. how would retail sales from today and friday helped retail sales going into the economy? how does it affect this economy and the economic situation right now? what will the effect be if we did not have middle-class tax cuts any more? could you give us today and next year possibilities? >> retail spending is extremely important for the economy. as you mentioned, consumption accounts for 70% of our gross domestic product. to put the figure in context, if no class tax cuts are not extended and spending falls next year, that is fou
minimum tax. is there a reason or desire in the white house to have a more permanent pass on that? >> one of the problems that we face with our tax policy is lack of certainty. the alternative minimum tax in particular has extra inflation that causes an ad hoc adjustments every year and creates uncertainty. i do not want to go beyond that. that is not something that we listed in the report. >> i would like to bring in today, cyber-monday, and black friday into the equation. how...
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republicans are resisting the idea that inleasing tax rates on the wealthy will steer the country away from the fiscal cliff even though suspects insist it will. >> i would be very much opposed to raising tax rates, but i believe that we can close a lot of lop holes. >> they have to go up, real or effective tax rates, there are ways of doing this and secondly, we have to gross loopholes. >> lindsey graham is okay with new revenue and willing to cap deductions to get it, but only if democrats agree to reform entitlements like social security and medicare. >> i don't expect the democrats to go for premium ouci do expect them to adjust these entitlement programs before they bankrupt the company. some entilement reform is okay with illinois democratic senator dig durbin, but thinks that social security should be left alone. >> social security does not add one penny to our debt. not a penny. it's a separate funded operation and we can do things and i believe we should, smaller things played out long-term that give it solvency. >> and congressman peter king says nobody will get all they want
republicans are resisting the idea that inleasing tax rates on the wealthy will steer the country away from the fiscal cliff even though suspects insist it will. >> i would be very much opposed to raising tax rates, but i believe that we can close a lot of lop holes. >> they have to go up, real or effective tax rates, there are ways of doing this and secondly, we have to gross loopholes. >> lindsey graham is okay with new revenue and willing to cap deductions to get it, but...
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todayself republica selveral red away from a pledge banning tax increases. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece, and republicans should put revenue on the table. i want to cut rates to create jobs, but i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> i agree with saxby chambliss. a pledge you signed 20 years ago, 18 years ago is for that congress. if i were in congress in 1941 i would have signed -- supported a declaration of war against japan. i'm not going to attack japan today. the world has changed. >> does it mean we might be closer to a fiscal cliff compromise? athena jones takes a closer look. >> reporter: that's, of course, the big question here. we know in the meeting the president had with lawmakers the friday before thanksgiving there was a lot of positive talk coming out of that with leaders on both sides saying the meeting was constructive, that lawmakers understood their responsibilities, and that they were going to work to
todayself republica selveral red away from a pledge banning tax increases. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece, and republicans should put revenue on the table. i want to cut rates to create jobs, but i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> i agree with saxby chambliss. a pledge you signed 20 years ago, 18 years ago is for...
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he says i would raise taxes if. then he lists this incredible list of reforms and entitlements that the democrats would never give him. i suggested, senator, you're offering to trade a tax increase for a pink unicorn that doesn't exist. >> you're saying this is never going to happen. because if a republican says, you know what, i am actually not going to go with the pledge that i have signed and i'm going to, you know, do this compromise and vote for that, would you then target that lawmaker? would you say, you know, you're lying. you changed your mind from the pledge. now i'm going to put the substantial weight and efforts of your organization to try to unseat that republican candidate? >> george hervert walker bush broke his commitment to the american people. i don't think the americans for tax reform even put out a press release. somehow the american people figured out he broke his commitment. he couldn't get 38% of the vote when he ran in a general. he didn't lose in a primary. he lost in a general election. rai
he says i would raise taxes if. then he lists this incredible list of reforms and entitlements that the democrats would never give him. i suggested, senator, you're offering to trade a tax increase for a pink unicorn that doesn't exist. >> you're saying this is never going to happen. because if a republican says, you know what, i am actually not going to go with the pledge that i have signed and i'm going to, you know, do this compromise and vote for that, would you then target that...
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and if this fiscal cliff is allowed to happen on january 1, your taxes, my taxes, everybody's taxes go up. and on that point, let's continue. top of the hour, i'm brooke baldwin. i want to begin with the fiscal cliff. because other news here, you have republican senator saxby chambliss, a two-term conservative from the red state south, but just this past weekend, the tea party nation website labeled him, i'm quoting, worthless and a liar. what did he say to deserve these words? he said he's willing to break the no tax pledge that he made when he first ran for office. and guess what? now he has company. fellow republican senators lindsey graham and bob corker say that under the right circumstances, they too are willing to break ranks. what is the republican world coming to? john avalon, straight to you, cnn contributor, writer for daily beast newsweek. i want to get your reaction to the news we heard from jay carney, we now know the president has spoken by phone over the weekend with boehner and mcconnell. might this be progress? >> yes, it might be progress. that's a good thing. you go
and if this fiscal cliff is allowed to happen on january 1, your taxes, my taxes, everybody's taxes go up. and on that point, let's continue. top of the hour, i'm brooke baldwin. i want to begin with the fiscal cliff. because other news here, you have republican senator saxby chambliss, a two-term conservative from the red state south, but just this past weekend, the tea party nation website labeled him, i'm quoting, worthless and a liar. what did he say to deserve these words? he said he's...
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he is pushing for a 30% tax rate for those making between one and $10 million. 35 percent taxes for people making more than that. president obama as me lay their tax rate will keep at 30%. >> we will be back and a few moments. >> the time is 945 and and monday morning. big story with the weather is the fog. here's a look to your visibility were a lot of folks are still looking at one-tenth of a mile visibility for s f all. oakland improved to 1 mi.. not all end prove to the 10 mi. and visibility. you are just fine. santa rosa is still at zero visibility, napa is improved to 4 mi.. having east sacramento and down to three tenths of a mile for visibility. the dense fog advisory still in effect for the 17 valley. we're still seeing some areas of free dance fog including redwood city at three tenths of a mile for visibility. our roof cam route over again as avenues is starting to see the fog makes out a little bit as promised. conditions will improve as we get to the early afternoon hours. airport delays, as half of the tough there this morning. the average delay is almost three hours because
he is pushing for a 30% tax rate for those making between one and $10 million. 35 percent taxes for people making more than that. president obama as me lay their tax rate will keep at 30%. >> we will be back and a few moments. >> the time is 945 and and monday morning. big story with the weather is the fog. here's a look to your visibility were a lot of folks are still looking at one-tenth of a mile visibility for s f all. oakland improved to 1 mi.. not all end prove to the 10 mi....